Big Yellow Group (BYG) Q3 2025 TU earnings summary

Executive summary

• Revenue for the quarter ended 31 December 2024 increased 2% year-over-year to £51.4 million, with year-to-date revenue up 3% to £154.4 million.

• Occupancy across all 109 stores decreased by 180,000 sq ft, a smaller decline than the 249,000 sq ft loss in the same quarter last year.

• Business move-ins rose 9% and overall move-ins increased 2% compared to the same quarter last year.

Financial highlights

• Like-for-like store revenue for the quarter grew 2% year-over-year; year-to-date like-for-like revenue up 3%.

• Average achieved net rent per sq ft for the quarter rose 3% year-over-year to £34.87; year-to-date up 4%.

• Adjusted profit before tax for the half year to 30 September 2024 was up 3%; unaudited adjusted EPS for the nine months to 31 December 2024 increased 1.5%.

• Like-for-like operating expenses for the quarter rose 6% year-over-year, but this is moderating from 10% in the first half.

Outlook and guidance

• Expectation of further modest EPS growth for the full year as dilution from prior year placing subsides.

• Operating cost inflation is expected to moderate to 3–4% annualised for the next financial year.

• Approximately £176 million planned investment over the next three years for nine new stores, funded from existing resources.